The second day of the trading week brought another drop in crude oil prices as demand around the world is showing signs of weakness.
It cascaded on top of Monday’s drop following the decision by the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed Sunday to extend their oil production cuts into 2025.
The drop extended a four-month low reached on Monday as West Texas Intermediate crude dropped nearly another dollar. WTI fell 97 cents or 1.31% and closed at $73.25 on the New York Mercantile Exchange. The closing came after a 3.6% tumble in Monday’s trading.
Global benchmark Brent ccrude finished down 84 cents or 1.07% at $77.52 a barrel on ICE Futures Europe. It was a second day of prices below $80 a barrel. The Monday closing was the first time below $80 since Feb. 7.
July natural gas fell 17 cents to $2.59 per 1,000 cubic feet.
Just as crude oil prices dropped for a second straight day, so did most Oklahoma energy stocks. SandRidge Energy and Southwestern Energy each slid about 4%.
Alliance Resource Partners, L.P.
Mach Natural Resources LP
Mammoth Energy Services Inc
NGL Energy Partners LP Unit
Other energy stocks? They were down too, according to the Texas Energy Report.
APA Corp. (Apache) (APA) down 0.48 at 28.96 – change 1.64%
Cheniere (LNG) up 0.33 at 160.94 – change 0.20%
Chevron (CVX) down 1.34 at 156.12 – change 0.86%
ConocoPhillips (COP) down 1.59 at 112.28 – change 1.40%
Diamondback Energy (FANG) down 1.50 at 189.22 – change 0.79%
Energy Transfer LP (ET) down 0.03 at 15.36 – change 0.14%
Enterprise Products Partners (EPD) up 0.09 at 28.32 – change 0.33%
EOG Resources (EOG) up 0.15 at 119.80 – change 0.13%
Exxon Mobil (XOM) down 1.79 at 112.66 – change 1.57%
Kinder Morgan (KMI) up 0.16 at 19.66 – change 0.82%
Marathon Oil Corp. (MRO) down 0.52 at 27.90 – change 1.80%
NOV Inc. (NOV) down 0.47 at 17.29 – change 2.60%
Occidental Petroleum (OXY) down 0.68 at 59.90 – change 1.10%
Phillips 66 (PSX) down 1.96 at 136.97 – change 1.41%
Tellurian Inc. (TELL) up 0.07 at 0.56 – change 15.60%
Valero (VLO) up 1.43 at 155.37 – change 0.92%
CLOSING TOP UTILITY STOCKS
American Electric Power (AEP) up 0.29 at 90.38 – change 0.33%
CenterPoint (CNP) up 0.08 at 30.83 – change 0.27%
Entergy (ETR) down 0.21 at 111.57 – change 0.19%
